Residents

Post-Graduation Monthly To-Do List

Embarking on a new phase of your medical training, keep in mind OFA continues to support you.  Questions?  Email us at md_finaid@brown.edu.

Recordings of How to Manage Your Student Loans During Residency (Full Length), Where to StartThe Effects of Postponing PaymentsChoosing the Best Repayment PlanPublic Service Loan Forgiveness, and Consolidation, Refinancing and Taxes are available for your viewing.

Physicianloans is offering LIVE webinars monthly in January - April 2017.  Please visit their site for dates and times.  There are several available from March 8 - March 28, 2017.

NHSC is accepting applications through April 5, 2017 for the  NHSC Loan Repayment Program where primary care medical clinicians can get up to $50,000 to repay their health profession student loans in exchange for a two-year commitment.  The NHSC Loan Repayment Program Guidecontains more details.

On-Going During Residency Years

When you've chosen an income driven repayment plan (IBR, PAYE, or REPAYE) for your federal loans, remember that you will need to verify your income each year, as early as August and September.  So, be careful to pay attention to notes you receive from your servicer. 

You must plan on reapplying if you wish to extend a deferment or forbearance for your Brown loans. The deferments and forbearances are typically granted for 6 to 12 months at a time. (Ex: The Medical Loan offers 36 months of residency deferment. If your initial residency deferment is granted for 12 months, you will need to complete the entire deferment process again each November.)

Late October  (Intern Year)

Select a repayment plan for your Direct/PLUS Loans. Decide whether you would like to consolidate and combine your Perkins or LDS Loans with your Direct/PLUS Loans. Consolidation allows you to roll these into one new loan that you can repay using one of the income-driven repayment plans.

November ( Intern Year)

After November 15th, complete and submit Brown Residency Deferment Application for your Brown Institutional Loans. Complete your portion of the form and forward it to your residency program coordinator. The coordinator will need to complete and certify/stamp the bottom portion of this form.  Then return to the Brown Loan Office for processing.  New paperwork must be submitted each year.  Have more questions?  Please visit the Brown Loan Office website.

 Note: The Federal Perkins Loan program does not offer residency deferment. If you’ve borrowed a Perkins Loan, your repayment will begin in April.

December (Intern Year)

The first payment is due on Direct/PLUS Loans and must be sent to your federal loan servicer, unless you have completed the forbearance process with that servicer.

January (Intern Year)

The first payment is due on January 1st for your Brown Institutional Loans and must be sent to the Loan Office, unless you have completed the residency deferment process above.   Visit https://heartland.ecsi.net/ to review your loans and make payments online.

March (Intern Year)

Complete and submit a Forbearance Application if you need to postpone repayment of your Perkins Loan. Submit the completed form directly to the Brown Loan Office.

April (Intern Year)

The first payment is due on April 1st for your Perkins Loans and must be sent to the Loan Office, unless you have completed the forbearance process above.  Visit https://heartland.ecsi.net/ to review your loans and make payments online.

Account Access

Stay on top of your Brown loan accounts online. Visit https://heartland.ecsi.net/ to access your Institutional Loans and/or Perkins Loans. Be sure to update your contact info (especially email address). (School Code E7)

Helpful Links for Resident Years

How to Manage Student Loans During Residency - AAMC
Living on a Resident's Yearly Salary of $52,300 - AAMC
Education Debt Manager for Graduating Students - AAMC
Public Service Loan F&Qs 
Public Service Loan Forgiveness Application
Mortgage Approval Checklist
Physicians Loan
Doctor Only Program through Washington Trust
Loan Chart
Deferment and Forbearance Chart
Federal Direct and PLUS Loan Repayment Plans Chart
Paycheck City site for calculating Take Home Pay by state and date
Getting Married During Medical School or Residency AAMC Fact Sheet